The European Central Bank should be free from political pressure, central banks must retain strong independence, and the digital euro should be introduced—but not at the expense of cash. These are the key conclusions of the European Parliament’s annual review of the ECB’s policy. Polish MEPs from Law and Justice (PiS), who voted against the text, argue that the EU institution is pushing for the centralisation of monetary policy, which would leave member states playing only a marginal role. Their objections also extend to the digital euro.
“The European Central Bank, as a banking institution, should safeguard monetary stability and ensure that Europeans’ lives keep improving. But we can see tendencies here toward federalisation and centralisation, so that member states have less and less say,” Marlena Maląg, a Law and Justice MEP, told the Newseria news agency. “The central bank is also striving to introduce the euro in all countries as early as possible.”
After Bulgaria joined on 1 January 2026, the euro area now comprises 21 member states. This means around 358 million Europeans use the euro in their daily lives. The ECB stresses that the single currency offers greater freedom, convenience and price stability—seen as a prerequisite for prosperity and a stable economic future.
“Of course Bulgaria was welcomed into the euro area with great satisfaction, but people are no longer looking at the negative effects of introducing the euro in member states. As Poland and the National Bank of Poland, we maintain that we are not ready to adopt the euro,” Maląg explains.
Poland does not plan to seek euro-area membership in the near future. In January 2026, Finance Minister Andrzej Domański confirmed this in an interview with the UK daily Financial Times. In his view, the arguments for adopting the euro have weakened, and the Polish economy is performing better than most countries that use the single currency.
According to International Monetary Fund (IMF) estimates, Poland’s GDP in 2025 exceeded the $1 trillion mark. As Statistics Poland (GUS) reports, growth reached 3.6% year-on-year, while the OECD forecasts 3.4% growth this year.
“Maintaining our national currency is better for us today, above all given Poland’s economic situation. We often hear about growth parameters and various indicators that are supposed to show that people live better in Poland. But if we asked an average Pole how life is, they would point to high energy prices and high living costs—so one does not translate into the other. Let’s first take care of Poles and the Polish economy, and only then deal with the euro,” the PiS MEP says.
The European Parliament resolution on the ECB’s 2025 annual report was adopted by 443 votes in favour, with 71 against and 117 abstentions. MEPs highlighted the importance of independent central banks in times of heightened tension. Parliament argued that the ECB’s independence is essential for maintaining price stability and that decisions must be made free from political pressure. MEPs also expressed concern about the high cost of living, particularly rising food and energy prices after the COVID-19 pandemic. They noted critically that a return to price stability could have been achieved sooner had the ECB taken action early enough. They also called for an analysis of the causes of high inflation to draw the right lessons in case of future inflationary crises.
The report’s rapporteur, Johan Van Overtveldt of the European Conservatives and Reformists, warned ahead of the plenary vote that despite the recent stabilisation, inflation risks still exist and vigilance is required. He also drew attention to growing threats to financial stability, including phenomena extending beyond the traditional banking system.
“Another trend at the European Central Bank is also the push for the green transition and welcoming these solutions with great enthusiasm. That is why we voted against the report, expressing our opposition to this direction,” Maląg stresses. “There are many positive actions by the ECB, but we cannot agree to federalisation and centralisation—above all, to pushing through the digital euro in great haste. We are calling for sustainable development and balance: in digital currency, but also in cash.”
According to the ECB, the digital euro is intended to be an additional electronic means of payment and a digital equivalent of cash. All citizens in the euro area would have free access to it and could use it for all digital payments. The digital euro could be held in a bank account or with a public intermediary. According to the plans, it would be usable both online and offline via a phone or a card.
“This idea can be implemented if there is proper preparation and sufficient time. Today we see that Europe is struggling with major problems and has stopped being competitive altogether. Twenty years ago, you could say it was competitive with the United States, but today the US has pulled away, as has China, while we focus on ourselves—on centralising everything and building a strong supranational state. If the digital euro were introduced in a rush, the European Central Bank would become a data warehouse—something very dangerous for national economies,” the Law and Justice MEP argues.
Preparatory work on introducing the digital euro ran from November 2023 to October 2025. Further technical work is now under way, and the ECB is involved in the legislative process. Assuming EU lawmakers adopt the necessary regulations this year, issuance of the digital currency could be possible in 2029.
As ECB President Christine Lagarde stressed in her speech during the parliamentary debate on the draft resolution on the annual report, the digital euro is meant to ensure the highest level of privacy—comparable to cash payments. She explained that the central bank would not have access to personal data. At the same time, she underlined that the institution aims to guarantee broad access to cash and not introduce unjustified restrictions on its use.
On the digital euro, Johan Van Overtveldt called for a cautious and balanced approach. The report adopted by the parliamentary majority argues that introducing a digital currency is necessary to strengthen the European Union’s monetary sovereignty, reduce fragmentation in retail payments, and support the integrity and resilience of the single market. It also underlines the importance of preserving the role of cash and points to the risk that growing digitalisation of payments—if left exclusively to private actors and providers from outside the EU—could create new forms of exclusion for both users and merchants.
